An Inside Look At Getting An Auto Loan With Bad Credit!
In this article you will get an inside prospective on what happens when you try and get an auto loan approval if you have poor credit.
Having poor credit does not necessarily mean that you can not get a car loan. In this day and age, a bad credit car loan is one of the easiest loans someone can get. There are many different loan programs out there these days that can give you an approval literally within minutes. Banks are competing for your business out there and they don’t care if you have some late payments or even if you have a bankruptcy on your credit report.
What you need to get a fast approval or at least complete the loan request is some personal information such as your job info, income amounts, and possibly some information on the type of car you want to finance. One you submit this information online, most lenders can make an instant decision on what you will be approved for.
These days bank’s understand that many people who once had good credit may now be going through some rough times and may have a few blemishes on their credit reports. Because of the economic state, they are a bit more lenient when looking into your credit history and making a decision. You may not qualify for a “Prime Rate” because of your situation. They may place you in a lower credit tier which in turn will give you a higher interest rate and higher car payment. This will do 2 things for you. It will practically assure you get the car loan you need, and in the long run if you make your payments on time, it will also help rebuild your credit! Think of it as a second chance.
Usually the whole auto loan process can take between 20 minutes to 24 hours depending on where you apply. If you apply for an auto loan online directly with a lender, many times they can give you an instant credit decision seconds after you submit your car loan application. Sometimes they can pre-approve you for a certain dollar amount and you can go shopping for a car like as if you were a cash buyer.
Sometimes when you apply online your application will be sent to a car dealer in your area who specializes in bad credit car loans. They will usually contact you within 24 hours of submitting your application and make an appointment for you to pick out the car or truck you like. They usually try and find you the best deal through al the major sub-prime lenders they deal with in house. Sometimes this can be to your advantage because lenders tend to give out more approvals for dealerships that send them a large amount of volume in business, which can assure you get a fast auto loan approval, without wasting time!
Learn more about Bad Credit Auto Financing. Stop by Frank A. Williams’ site where you can find out all about No Credit Auto Loans and what it can do for you.
Written by Frank A. Williams Jr. –
